https://en.wikipedia.org/wiki/Coaxial_loudspeakerQuote:
One drawback of the design is the production line difficulty in mating the two drivers, and in replacing or reconing the woofer. Another drawback is that the low frequencies tend to modulate the high frequencies, causing greater intermodulation distortion . [8] The Tannoy style of coaxial, with the woofer forming part of the high frequency horn, had greater intermodulation distortion. Designs similar to the Altec 604 have further problems with diffraction of the low frequencies around the central horn, and with rearward emanations from the horn body reflected forward by the woofer out of time with direct sound. All of the problems with sound waves tend to increase with sound pressure level, causing significant shifts in tone as the loudspeaker changes volume. [9]